{"id":57276,"date":"2010-10-07T11:04:46","date_gmt":"2010-10-07T00:04:46","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2010\/10\/07\/oil-price-may-struggle-short-term\/"},"modified":"2010-10-07T11:04:46","modified_gmt":"2010-10-07T00:04:46","slug":"oil-price-may-struggle-short-term","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2010\/10\/07\/oil-price-may-struggle-short-term\/","title":{"rendered":"Oil Price May Struggle Short-Term"},"content":{"rendered":"<p>\n\tBy Chris Shaw<\/p>\n<p>\n\tWhile oil prices have traded in a relatively wide range in recent months, the technical analysts at Barclays Capital note the price tops have had a consistent signature pattern. The pattern consists of two weekly bar or candle formations that have formed at all the peaks over the past few quarters.<\/p>\n<p>\n\tAt present the analysts see no such bearish signs, this despite what is expected to be a tougher short-term environment for prices near the summer peak of US$83.90 per barrel. What adds weight to the short-term view prices may struggle is since the US$73.58 low in late September, prices have risen in almost a straight line.<\/p>\n<p>\n\tThis implies the oil market has been overbought, so the analysts suggest the risk now is with a chart peak at just below US$84.00 per barrel there is scope for bids to stall. This implies a corrective move is possible, though the focus remains on higher prices moving forward.<\/p>\n<p>\n\tThe analysts suggest the 200-day moving average at US$82.74 per barrel is likely to see some attention, but a move below the intra-day bottom at US$80.76 is needed to damage the current upside potential.<\/p>\n<p>\n\tMedium-term the market appears poised to trade higher into the end of the year, the analysts noting the December contract is targeting a range of US$93.00-$95.00 per barrel.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/barcoil7-10.jpg\" style=\"width: 700px;height: 412px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The technical analysts at Barclays Capital suggest oil prices may struggle shorter-term, though medium-term further gains are still expected.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[41],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57276"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=57276"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57276\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=57276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=57276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=57276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}